The chancellor could more than double the tax rate for staff who take advantage of company car schemesHundreds of thousands of employees with company cars could face large tax rises, it was claimed last night. Philip Hammond is considering scrapping low tax rates for staff who take advantage of company car schemes, with those driving vehicles with the cleanest engines hit hardest, according to The Sunday Telegraph. Employees with low emission cars currently pay a charge of between 7% and 11% of the list price of the car. But under the proposed changes, which are expected to be announced later this month by the chancellor in his autumn statement, they would be forced to pay their marginal income tax rate of 20%, 40% or 45% instead. The change would force more than 300,000 taxpayers to pay thousands of pounds more for their…

Source: The Times November 06, 2016 02:16 UTC